A major week for the UK, as US president Donald Trump makes an unprecedented second state visit to the country, while major decisions loom for both countries on interest rates at a time of challenging economic data releases.
At the Chartered Institute of Export & International Trade, meanwhile, there is a week of Special Interest Group (SIG) sessions to look forward to.
Nuclear boost
Trump’s second state visit to the UK takes place this week, with reports suggesting that a significant deal could be concluded for the technology sector. The US president arrives tomorrow (16 September).
This morning, the UK government announced a raft of new US-UK deals on nuclear power, most notably a partnership between UK energy firm Centrica and US nuclear reactor company X-energy that will see the development of 12 ‘modular’ reactors in Hartlepool, expected to create as many as 2,500 jobs. This deal is expected to get formal sign-off during Trump’s visit.
A deal has also been announced between Holtec, EDF and Tritax to build small modular reactors to power ‘advanced data centres’ in Nottinghamshire, while another deal includes plans for the world’s first ‘micro’ modular nuclear reactor.
Prime minister, Sir Keir Starmer, said that “together with the US, we’re building a golden age of nuclear that puts both countries at the forefront of global innovation and investment”.
Tech deal and investments
Reuters also reports that Trump’s visit could coincide with the confirmation of a new deal between the two countries on technology.
AI, telecoms and quantum computing are some of the industries that could benefit. New UK tech secretary, Liz Kendall, said that “cutting-edge technology such as AI and quantum computing will transform our lives”.
Trump is being joined on his trip by Nvidia CEO, Jensen Huang, as well as OpenAI chief, Sam Altman. Private equity giant BlackRock is also set to announce a fresh investment of US$700m in UK data centres this week, according to Sky News.
Financial firms will set out a total of £1.25bn in new investment during the state visit, the government expects.
Interest rates
There will be important stats bulletins for the UK economy this week, as the Office for National Statistics (ONS) publishes the latest inflation numbers for the country. That will be followed by an interest rate decision from the Bank of England (BoE), which last month cut rates to a two-year low of 4%.
UK food inflation could be on the rise though, if new figures from the Food and Drink Federation (FDF) are to be believed. The Guardian reports this morning that the FDF has projected a food inflation rate of 5.7% by December, revised up from a previous estimate of 4.8%.
The FDF’s lead economist, Liliana Danila, said “the financial impact of domestic policies” was more to blame after “geopolitical shocks” caused other recent rounds of inflation in the sector.
More significantly at the global level is the Federal Reserve’s decision on rates in the US, with chair Jerome Powell looking likely to opt for a rate cut much sought-after by Trump. The question, however, at a time of rising US inflation, is the size of the cut.
The expectation is that there will be a 0.25% cut, though there is also pressure for deeper cuts not only from Trump but also from US employment figures, where unemployment saw a modest increase from 4.2% to 4.3% in August.
SIG sessions
The Chartered Institute’s SIG sessions continue this week, with a dedicated borders, ports and logistics session tomorrow that will feature Ilona Kawka, senior digital trade consultant. The session will update attendees on trends and give them a chance to network with professionals in the sector.
Tomorrow also features our latest manufacturing SIG, which will explore how a product’s country of origin can shape your brand, obligations, and compliance requirements.
On Wednesday (17 September), Chartered Institute expert, Andy Bridges. will address the subject of dual use goods, as well as the role of AI at the latest export controls SIG, which you can sign up for here.
Thursday (18 September) will then feature a food and drink sector event and a customs SIG to round out the week’s programme.
What you might have missed
- The Environment, Food and Rural Affairs Committee published its report on a ‘resilient border strategy’ for UK-EU trade
- The Society of Motor Manufacturers and Traders (SMMT) issued its own report on improving the UK’s trade in the auto sector
- The UK and US restarted talks to cut steel tariffs ahead of Trump’s arrival in the UK
Other dates for the diary
- Monday: Start of London International Shipping Week
- Tuesday: UK labour market stats published
- Wednesday: World Trade Organization’s World Trade Report 2025 published
- Thursday: BoE agents’ summary of business conditions report published
- Friday: GB retail sales data published
- Saturday: Liberal Democrat party conference begins
- Sunday: Final day of World Athletics Championships
